How to deposit into Tax Traders’ pool
The benefits of tax pooling extend well beyond saving on interest costs. By making all your provisional payments through a tax pool, you retain a level of control over how your tax payments are managed that is not available by paying your IRD account directly. By having your funds in a pool, you have ultimate flexibility to speed up, slow down, or refund your tax payments.
Do it all online in few minutes:
If you’re an individual taxpayer, we recommend you ask your Accountant to contact Tax Traders so we can get the best outcome for you.
How does it work?
Calculating how much provisional tax your client will need to pay can be difficult. Unlike payments made directly to IRD, payments to Tax Traders IRD-approved tax pool can be topped up or reduced after the fact as if they were paid on time. Tax pool users do this at significantly lower cost than dealing directly with IRD and without in curring late payment penalties.
Deposits can be transferred to IRD on the lesser-of uplift or a third of actual RIT, when the return is completed. If your client has deposited uplift into the pool and you find that one third of actual RIT is lower than uplift, you can sell or swap the overpayment, earning premium interest through Tax Traders.
If your client has paid the right amount into the tax pool at the right dates, the tax deposits can be quickly and easily transferred through to their IRD account at no cost. However, if their tax has been over or underestimated, the benefits of depositing into the pool can be considerable.
In fact, there is no downside by paying income tax through our tax pool. There is no cost to set up an account. Pay on the day and we’ll take care of the rest automatically. You get an online account that allows you to see and manage the tax balances 24 hours a day, seven days a week.
Deposits with another tax pool?
It’s easy to transfer a deposit to Tax Traders’ tax pool, within 48 hours, retaining all historical data. Our senior team is here to help.